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China Recognized Bitcoin As A Digital Currency
09/26/2023

China Recognized Bitcoin As A Digital Currency

09/26/2023
4,7

The Shanghai People's Court has recognized Bitcoin as a unique and non-replicable digital asset, despite the country's official ban on cryptocurrencies.

The court published a report emphasizing the uniqueness and non-replicability of Bitcoin, as well as its difference from other digital currencies. The report also stresses other important characteristics such as scarcity, ownership attributes, scalability, ease of circulation, storage and payment. And these are the key characteristics of the currency.

Despite China's total ban on cryptocurrencies, Chinese courts are proving that Bitcoin is personal property. The Shanghai People's Court has become one of the few courts in China to recognize Bitcoin as a digital currency. Earlier this month, another People's Court released a report proving that Bitcoin is legal property, which means it is protected by law.

Yet regardless of this response among China's judicial system, Bitcoin still remains prohibited in the country. The Chinese government banned Bitcoin mining and all cryptocurrency activity in the country back in 2021. A recent report from the Shanghai People's Court clarifies that Bitcoin can be considered personal property acquired through purchase, mining, or inheritance when disputes over theft or ownership arise.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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